The dirham appreciates by 0.30% against the euro

Bank Al-Maghrib (BAM) reported that during the period from July 7 to July 13, the dirham appreciated by 0.30% against the euro and depreciated by 0.98% vis-à-vis the euro. against the US dollar.

During this period, no auction operation was carried out on the foreign exchange market, indicates the Central Bank in its weekly bulletin.

As of July 08, 2022, official reserve assets stood at 325.4 billion dirhams (MMDH), down 0.6% week-on-week and up 7.9% year-on-year .

During the same period, the overall outstanding amount of BAM’s interventions amounted to 107.5 billion dirhams, including 45.3 billion dirhams in the form of 7-day advances on calls for tenders, 37.6 billion dirhams in the form of repurchase agreement, 23.7 billion dirhams under the very small, small and medium-sized enterprise (TPME) financing support program and 900 million dirhams (MDH) for foreign exchange swap transactions.

On the interbank market, the average daily volume of trade stood at 2.6 billion dirhams and the interbank rate stood at an average of 1.5% during this period, specifies the bulletin, adding that during the he call for tenders of July 13 (value date July 14), the Bank injected an amount of 52.1 billion dirhams in the form of 7-day advances.

On the stock market, the MASI appreciated by 1.4%, bringing its poor performance since the start of the year to 11.7%. This trend mainly reflects increases in the indices of the agri-food sectors by 4.2%, telecommunications by 1.7% and banks by 1.4%.

On the other hand, those relating to the insurance and distributors sectors fell by 0.8% and 2.4% respectively.

As for the overall trading volume, it stood at 448.6 MDH against 651.3 MDH a week earlier, and on the central equity market, the average daily volume amounted to 74.8 MDH after 121.9 MDH last week.

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